Portugal is a hot destination for international property buyers, who have settled there or are buying in a holiday home. If you're planning to buy a property in Portugal, it is essential to explore your mortgage options. Read on to discover the best Portuguese mortgages for non-residents and learn how to compare them quickly and without unnecessary cost.
If you're considering buying a property in Portugal as a non-resident, you may be wondering about your mortgage options. Luckily, numerous Portuguese banks offer mortgages to foreigners and Portuguese expats.
Read on to learn more about the best Portuguese mortgages for non-residents and how to compare offers quickly and without fees. Homevest, for instance, provides a fee-free mortgage comparison service in Portugal.
Santander is a Spanish banking group subsidiary that offers mortgage services for non-residents wishing to purchase property in Portugal.
With Santander, you can borrow between 75,000 and 1,000,000 EUR at a base spread of 1.90%, which is competitive in the Portuguese market.
UCI is another top Portuguese lender that offers up to 70% of the house purchase value, depending on the applicant's profile and the guarantees provided.
UCI offers a fixed-rate option for the first five years of the mortgage loan at 5.65%. After the first 5 years, it's 1.64% + Euribor 6m.
Novo Banco offers various solutions for non-resident foreigners who need banking services in Portugal. The bank offers fixed-rate and variable-rate mortgages tailored to your specific situation. It also provides insurance and investment funds for non-resident foreigners.
BPI offers a variety of mortgage options for non-residents looking to buy a second home in Portugal. Their mortgage for non-residents provides flexibility with fixed and variable rate options, with terms of up to 30 years.
Crédito Agrícola offers both fixed and variable-rate mortgages extending to 30 years. This long repayment term facilitates manageable installments, easing the financial pressure on borrowers.
Millennium BCP is a popular choice for non-residents seeking a mortgage in Portugal. They offer various mortgage options with competitive rates and favorable terms.
They don’t have a favored applicant profile but prefer doctors, engineers, lawyers, and digital nomads. The applicant's net income is one of the most important things in their assessment.
Bankinter is a subsidiary of the Spanish bank of the same name. It offers various mortgage options for non-residents in Portugal, including financing up to 80% for purchasing a second home.
CGD offers various mortgage solutions for those interested in investing in Portugal, whether to buy, build, or renovate a home. They provide financing up to 80% of the property’s valuation (75% for buy-to-let properties), with the amount not exceeding 80% of the purchase, construction, or home improvement costs.
The cost comparison was made on April 15, 2024
This comparison includes the variable mortgage interest rate, but there are also other costs that you should consider when analyzing the bank fees.
When considering mortgage options for buying a property in Portugal as a foreigner, it is essential to consider the interest rates and the additional costs and fees associated with each loan. While some lenders may offer lower interest rates, they may also have higher fees that could make the overall cost of the mortgage higher.
To ensure that you are getting the best deal possible, compare multiple lenders and their offers before making a decision. It can be time-consuming, but fortunately, platforms like Homevest can help simplify it for you.
By comparing mortgage options and utilizing tools like Homevest, you can feel confident that you are making an informed decision and getting the best possible deal for your new property.
The qualifications for a mortgage loan in Portugal can vary depending on the lender. However, in general, some of the requirements for obtaining a mortgage loan in Portugal may include:
A fixed-rate mortgage means that the interest rate is locked in for the life of the loan and will not change, regardless of any changes in the market. This means that your monthly payment will remain the same throughout the loan term, providing a predictable and stable payment schedule.
On the other hand, a variable-rate mortgage means that the interest rate can change over time based on the current market conditions.
Portugal has long been a popular destination for foreigners, who have settled there or invested in a holiday home. If you're considering doing the same, it's important to understand the process involved. Keep reading a guide that covers everything you need to know when getting a mortgage in Portugal as a foreigner.
Sources used and checked on April 2024:
We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.
Having decided that you want to buy a house or apartment in Portugal, you might find yourself wondering what the best way to proceed with finding and applying for a suitable mortgage might be. Rest assured, you have arrived at the right place - we're here to explain your options and help you find a mortgage based on your individual situation.
Portugal has fewer banks offering loans to non-residents, while Spain offers a broader range of loan products, including those for buying and renovating homes for non-residents. Continue reading to understand which place offers the best deal for the home you've always wanted.
Non-resident borrowers with a good credit score and a reliable source of income can usually get a mortgage in Portugal easily. Discover all you need to know about securing a mortgage in Portugal as an EU citizen, including the key conditions and options available in 2024.
UK borrowers with a good credit score can usually get a mortgage in Portugal easily. The process is similar to the UK, with no special restrictions for UK residents. Learn what you need to know about applying, including important steps and any changes after Brexit.
A platform for mortgages
Homevest is a pan-European mortgage and homebuying platform. We strive to bring the mortgages in the 21st century.